During Market hours yesterday — (Monday – 01.02.2021):
Stocks jumped on Monday, the first session of February, as Wall Street appeared to shake off concerns about a speculative retail trading mania that largely drove the market’s worst weekly sell-off since October.
- The Dow (Symbol: DIA) went up 0.7%. The S&P 500 (Symbol: SPY) popped 1.6% and the Nasdaq (Symbol: QQQ) rose 2.5%
- GameStop (Symbol: GME)— Shares of the brick-and-mortar retailer fell more than 30% as the Reddit-fueled frenetic trading extended into February. After surging more than 1,600% in January, the stock is giving back some of its meteoric, albeit seemingly synthetic, gains.
- Moderna (Symbol: MRNA)— The biotech stock dropped 9% after Bank of America downgraded the stock to underperform from neutral.
- Pan American Silver (Symbol: PAAS), Coeur Mining (Symbol: CDE)— Mining stocks followed silver higher on Monday as the precious metal became a point of discussion among retail traders on social media. Shares of Coeur Mining and Pan American Silver rose 23.1% and 12.1%, respectively.
- Ford (Symbol: F)— The auto stock jumped 2.9% after the company announced a strategic partnership with Google-parent Alphabet.
- Tesla (Symbol: TSLA)– The electric vehicle company’s shares gained 5.8% after Piper Sandler more than doubled its target on the stock from $515 to $1,200. “2020 was a breakout year for TSLA, but in our view, the fireworks aren’t over,” the firm said. The new target is roughly 47% above where the stock currently trades.
- Stitch Fix (Symbol: SFIX)– Shares of the online styling service company slipped more than 10% after Stifel downgraded the stock to a hold rating. The downgrade is a valuation call after the stock’s more than 40% rally this year. Over the long-term the firm remains optimistic on the company’s outlook, saying the business will be in a “stronger position post-pandemic.” The firm hiked its target on the stock from $64 to $83, which is slightly below where the stock traded on Monday.
- Virgin Galactic (Symbol: SPCE)— The space tourism company’s shares jumped more than 21% in trading on Monday, breaking above $50 a share, after the space tourism company announced it will redo its aborted December flight test as early as Feb. 13. The stock is on track to finish above its previous highest closing price, according to FactSet. Virgin Galactic shares have more than double in the past month, and have climbed over 180% in the last 12 months.
- Williams-Sonoma (Symbol: WSM)— Shares of the home good retailer slipped 2.7% after UBS downgraded the stock to sell from neutral. The investment firm said in a note that Williams-Sonoma’s recent performance has raised expectations too high for the year ahead.
- CureVac (Symbol: CVAC)— The biotech company’s share price rose nearly 6% after Bayer announced that it would help with manufacturing CureVac’s Covid-19 vaccine. The companies already had a partnership.
During Premarket hours today – (Tuesday – 02.02.2021):
- United Parcel Service (Symbol: UPS) – UPS reported quarterly earnings of $2.66 per share, beating a consensus estimate of $2.14 a share. The revenue also came in above estimates for the holiday quarter. Among the factors boosting the bottom line: a 7.8% increase in revenue per delivered package in the U.S. market, as the pandemic spurred an increase in online shopping.
- Pfizer (Symbol: PFE) – The drugmaker earned 42 cents per share for the fourth quarter, 6 cents a share below estimates. Pfizer’s revenue was above forecasts, however, and the company raised its full-year guidance amid the positive impact of the Covid-19 vaccine developed in conjunction with partner BioNTech (Symbol: BNTX).
- Alibaba (Symbol: BABA) – The China-based e-commerce giant reported better-than-expected profit and revenue for the fourth quarter, helped by growth in active users as online shopping boomed. Alibaba also saw growth in its cloud computing business.
- Exxon Mobil (Symbol: XOM) – Exxon Mobil earned 3 cents per share for the fourth quarter, beating the 1 cent a share consensus estimate. Revenue came in below Wall Street forecasts. Separately, Exxon is expected to announce board changes as soon as today following discussions with investor D.E. Shaw, according to people familiar with the matter who spoke to The Wall Street Journal.
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